Business
Interim Results
Interim Results.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n RNS Number : 8686R Alba Mineral Resources PLC 31 August 2010 \n \n\nALBA MINERAL RESOURCES PLC\nHALF-YEARLY UNAUDITED RESULTS\nFOR THE SIX MONTHS ENDED 31 MAY 2010\n \nCHAIRMAN'S STATEMENT\n \nIntroduction\n \nAlba Mineral Resources plc (\"Alba\" or the \"Company\" and collectively with its subsidiary companies \"the Group\") holds a portfolio of mineral properties in Mauritania (uranium), Scotland (nickel-copper) and Ireland (gold and base-metals). The projects are at different stages of development and range from early exploration targets to more advanced drill-ready projects.\n \nResults for the Period\n \nThe Group made a loss attributable to equity holders of the parent for the period, after taxation, of £96,391. The basic and diluted loss per share was 0.1 pence. The Group had cash balances of £12,096 at the period end. \n \nReview of Activities\n \nOur activities in the first half of the year have been primarily focused on securing additional funding for the Group. During the period the Company secured unsecured loan facilities of £100,000 from the directors and certain major shareholders convertible, at the lenders option, into ordinary shares of the Company at 1 pence per share. As at 31 May 2010 no funds had been drawn down under these facility agreements. Subsequent to 31 May 2010, £27,500 has been drawn down.\n \nIn addition, a loan was secured to fund the drilling of an exploration hole on our Limerick licence in Ireland. The initial results of this exploration hole are discussed below.\n \nLimerick Licence\n \nIn May 2010 a 178 m deep hole was drilled on the company's Limerick base metal licence. The hole was drilled to test the stratigraphy in the licence and also determine the cause of a large northeast-trending zinc soil anomaly detected by a previous operator. The drillhole encountered a 163.25m sequence of variably dolomitized Waulsortian Limestone Formation before passing into the underlying Argillaceous Bioclastic Limestone (ABL) Formation. The contact between the Waulsortian Limestone Formation and the ABL is the target horizon at the Xstrata/Minco and Connemara/Teck basemetal properties approximately 11 km to the northeast. Xstrata/Minco recently released an inferred resource of 24.1 million tons with an av...